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Wednesday, 10 April 19
CHINA'S GROWING THERMAL COAL SUPPLY TO PRESSURE EXPORTERS - FITCH RATINGS
 Growing Chinese thermal coal supply is likely to lead to further tightening of import controls by the government, putting pressure on seaborne coal prices and adding order uncertainties for exporters, Fitch Ratings and CRU say. Miners from Australian and Indonesia are the most exposed, but the credit impact is muted thanks to sufficient rating headroom as we have already incorporated a downward pricing trend in our rating assumptions.
The Chinese coal market’s tightness has eased due to a combination of weaker demand and improved domestic supplies. Chinese coal demand has declined as residential power consumption reduced at the end of the winter heating season in mid-March and hydro supply increased in south China due to heavy rains. Chinese domestic coal supply has gradually improved in recent quarters as the pace of capacity closures has slowed and incremental capacity has been expedited to bring down fuel costs, according to CRU. Inventories at the six main power producing groups edged up to 16.0 million tonnes in late March, 13% higher than the average for 2018 of 14.1 million tonnes.
Growing domestic supply is likely to prompt the Chinese government to tighten control over thermal coal imports. This would imply higher order volatility and risks for seaborne coal suppliers targeting the Chinese market, which are mainly miners in Australia and Indonesia. The Chinese government appears to have adopted an on-and-off importing policy since 2017 by implementing stricter checks when domestic supply is sufficient and speeding up clearing when domestic supply is tight. Australian coal cargoes, for example, have been facing increasing delays clearing customs at Chinese ports since February, according to CRU.
While seaborne coal remains price competitive compared to domestic coal, risks of long clearing time and import bans may discourage Chinese consumers from using seaborne coal, especially when domestic supply is sufficient.
Australian coal producers are likely to face the risk of order cancellation, and to some degree, be forced to compete for sales in alternative countries. This may lead to weak prices in the seaborne market, especially for the mid-content-value coal of around 5,500kcal/kg that Chinese importers typically buy from Australia.
Imports from Indonesia have been less affected by the recent Chinese controls, according to press reports, although Indonesian producers are still likely to come under pressure to find new markets due to overall declining Chinese demand for seaborne coal, as well as increasing Indonesian domestic output, and weaker-than-expected domestic demand.
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Thursday, 10 January 19
BUNKER DELIVERY NOTE AMENDMENTS ENTER INTO FORCE AS SULPHUR 2020 REQUIREMENT LOOMS - IMO
KNOWLEDGE TO ELEVATE
Amendments to the bunker delivery note relating to the supply of marine fuel oil to ships which have fitted alternative m ...
Thursday, 10 January 19
WORLD TRADE IN THERMAL COAL IS ESTIMATED TO HAVE GROWN BY 1.0 PER CENT IN 2018 - DEPARTMENT OF INDUSTRY, AUSTRALIA
World Trade
World trade in thermal coal is estimated to have grown by 1.0 per cent to 1.1 billion tonnes in 2018 but it is expected to decline ...
Thursday, 10 January 19
PAKISTAN'S COAL IMPORTS TO SURGE TO 30 MILLION TONS PER ANNUM BY 2020 - CEO, PIB
Pakistan’s coal imports are estimated to surge to 30 million tons/annum from existing 20 million tons/annum by the year 2020, given the plann ...
Wednesday, 09 January 19
PANAMAX: THE PACIFIC SAW RELATIVELY GOOD DEMAND PARTICULARLY FROM INDONESIA AND NOPAC - BALTIC BRIEFING
Capesize
It was an active start to the New Year, with trading from West Australia maintaining momentum during the holiday period. Rates for Chi ...
Wednesday, 09 January 19
SHIPPING MARKET INSIGHT - INERMODAL
Paraphrasing the words of a Chief economist in a latest report of the World Bank Group, the current state of the shipping market very much resemble ...
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- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Minerals Council of Australia
- ASAPP Information Group - India
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Xindia Steels Limited - India
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